For a few hours Friday morning, old-fashioned telephone trading saved the world’s biggest metals market from total standstill.
Bloomberg News reports that the London Metal Exchange suffered a near four-hour delay to the start of electronic trading on Friday because of a connectivity problem with an external network provider. Brokers had to rely on phones until 4:55 a.m. London time, leaving Asian traders annoyed for missing a chunk of their workday.
It was the second challenge for the bourse this week: a structural fault at its London building meant floor trading will take place at an emergency site in Essex, about 40 miles outside of London, until early August. The two issues aren’t related, the LME said.
“At first the clients were frustrated, that’s for sure, but we just had to wait for the restart of the platform,” Anselm Li, head of sales and trading at broker Triland Metals Singapore Pte Ltd., said by phone.
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